ACF5950 Individual Assignment A Assignment #: 745 Proprietor: Mr. Isell Holmes Name: Realtor 21 Description: Real Estate Agent The business has the following opening balances: Additional Information: Cash At Bank $17,455 Bank loan interest rates (% per year) 10 Account Receivable $18,054 3 Motor Vehicle $33,746 Motor vehicle useful life (years) Motor vehicle scrap value ($) 4,126 Account Payable $9,767 Bank Loan (due 2023) $21,900 Insurance paid for (months) Furniture $20,279 Rent paid for (months) Furniture useful life (years) Promotional Material Supplies $513 Furniture scrap value ($) Capital Closing stock of promotional materials 30/6 ($) ONAWO Staff work a 14 day fortnight and are paid on the 15th day. Transactions: Date Description Amount Date Description Amount 1-Jun Advertising placement fees - Cash $718 1-Jun Paid General Insurance $2,443 1-Jun Advertising placement fees - Account $942 3-Jun Rental commission - Account $1,333 3-Jun Rental commission - Account $1,345 3-Jun Rent of Business Premises $4,276 3-Jun Advertising placement fees - Account $815 4-Jun Advertising placement fees - Cash $1,049 5-Jun Auction commission - Account $1,054 6-Jun Payment to Account Payable $674 6-Jun Payment to Account Payable $1,203 9-Jun Auction commission - Cash $1,705 10-Jun Advertising Expense - Cash $880 10-Jun Cash Withdrawals by Owner $1,15 14-Jun Rental commission - Cash $1,982 14-Jun Motor Vehicle Expenses $489 14-Jun Receive Payment from Account Customers $1,896 15-Jun Staff Wages $2,984 16-Jun Rental commission - Cash $1,944 16-Jun Receive Payment from Account Customers $1,657 17-Jun Advertising Expense - Account $1,03 18-Jun Sundry Expenses $465 20-Jun Auction commission - Cash $1.84 21-Jun Auction commission - Account $916 22-Jun Purchase promotional materials $816 24-Jun Additional cash contributed by owner $4,260 29-Jun Staff Wages $2,984 Comments: Assume that this assignment involves an existing business that was purchased by the new owner on 1 June 2020. Note the list of transactions is in date order, left to right, line by line. Use three separate ledger accounts for revenue, namely rental commission, auction commission and advertisement placement fees. All revenues relate to the month of June. Transactions involve cash unless specified as 'Account'. Record payments for rent and insurance in prepaid accounts initially. Information relevant to complete adjusting entries can be found in the top right section of this page. The periods to which the rent and insurance apply commence on 1 June. Round your calculations to the nearest dollar
